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Business

VIEWS: 12 PAGES: 15

									Down to
Business
2010
2   Scottish Chambers of Commerce Down to Business                                                                               Scottish Chambers of Commerce Down to Business   3

                                                     Foreword



    Foreword 3
    Introduction 4
    The Big Picture 6                                We will continue our dialogue with
                                                     Government, the Civil Service and other
    A Climate for Business 10
                                                     agencies to address all of these issues.
    Connected Scotland 18
    Playing to Scotland’s Strengths 23
                                                     Scottish Chambers of Commerce           via their management and                    connectivity and Government
                                                     (SCC) is the only business              membership, provide focused                 procurement.
                                                     organisation that truly represents      local support for businesses.
                                                                                                                                         We will continue our dialogue with
                                                     the broadest spectrum of business,      More strategic matters can be
                                                                                                                                         Government, the Civil Service and
                                                     large and small, across every           fed via the network to SCC who
                                                                                                                                         other agencies to address all of
                                                     sector, and with a geographic           represent business to Government
                                                                                                                                         these issues.
                                                     spread from Caithness in the north      on issues affecting us at a national
                                                     to Galloway in the south. Through       level. Through the larger network           The future of Scotland is intimately
                                                     our network of Chambers we have         this can be extended to the UK              linked to business success; if
                                                     over 170 staff based in 22 offices      Government, the EU and beyond.              businesses grow and flourish –
                                                     throughout the country, servicing                                                   Scotland will flourish!
                                                                                             In these times of global stress, it is
                                                     some 9,500 member businesses.
                                                                                             important that Scotland becomes
                                                     We have a strong view that              more agile in global markets,
                                                     business, with a supportive             positioning itself to take advantage                             Mike Salter
                                                     environment, can develop itself,        in whatever opportunities present                                  Chairman
                                                     providing employment and                themselves.                                              Scottish Chambers
                                                     opportunity for people at all levels.                                                                  of Commerce



    Contents
                                                                                             SCC will be focusing on
                                                     Business is the key platform of
                                                                                             infrastructure, including transport
                                                     economic activity and the principal
                                                                                             and connectivity; skills and
                                                     element of the creation of wealth.
                                                                                             education; and the reduction of
                                                     The Scottish Chambers’ network is       bureaucracy at the highest level;
                                                     unique in that the local Chambers,      as well as the issues of internet
4   Scottish Chambers of Commerce Down to Business                                                                                Scottish Chambers of Commerce Down to Business   5




                                                     As the UK faces an election year, the debate intensifies on how to move
                                                     Scotland and the UK into a new era of growth after the recession of the last
                                                     two years. Business, as the engine of wealth creation and prosperity, must
                                                     inform that debate.

                                                     This document sets out Scottish businesses’ public policy priorities for
                                                     2010. Although it is a general election year for the Westminster Parliament,
                                                     we do not seek here to compartmentalise our concerns into ‘reserved’
                                                     matters as opposed to ‘devolved’ ones – many policies which fall into one
                                                     category are influenced by the other. The economy, and the central part
                                                     that business has to play, cannot be so easily defined. It is universal,
                                                     and so this document addresses key themes that are of relevance to
                                                     politicians at all levels - UK, Scottish and local.

    As the UK faces an election year,
    the debate intensifies on how to
    move Scotland and the UK into
    a new era of growth after the
    recession of the last two years.
                                                     Without Vision We Have No Goal
                                                     The UK and Scotland have                   trading relationships and sound           Specifically, that means Scotland
                                                     experienced economic difficulty,           institutional structures.                 achieving UK levels of growth, and
                                                     which has had severe implications                                                    the UK itself rising up the growth
                                                                                                At the same time, the budgetary
                                                     for the cohesion and wellbeing of                                                    league table. It also means forging
                                                                                                and economic crisis gives us
                                                     society as a whole.                                                                  a new relationship between public
                                                                                                an opportunity to rethink old
                                                                                                                                          and private sectors that underpins
                                                     However, there are grounds for             mistakes and recast policy
                                                                                                                                          excellence in public service and a
                                                     optimism for the future. Many of the       approaches through aspiration
                                                                                                                                          stronger society.
                                                     fundamental ingredients remain for         as much as necessity.
                                                     a resurgent economy: an innovative
                                                                                                We envision an emergence from
                                                     business base, with several strong
                                                                                                recession with a renewed sense




    Introduction
                                                     sectors; relatively flexible labour
                                                                                                of purpose, so that in the medium
                                                     markets; plenty of capacity; strong
                                                                                                term we can grow stronger.
6   Scottish Chambers of Commerce Down to Business                                                                                                        Scottish Chambers of Commerce Down to Business   7




    Government does not create                 resume growth so long as this
                                                                                      The Budget Deficit
    wealth, but it does frame the              big picture of a stable, market-led      Britain must establish a coherent deficit reduction plan that sets the country on a medium term path
    conditions for economic growth.            economy remains intact and is            towards budgetary balance and commands the confidence of international financial markets. This is
    Strong government provides a               strengthened.                            essential to retain investor confidence, secure long term currency stability, and keep interest rates low.
    secure, light-touch environment
                                                                                        Budgetary instability will make it harder for both government and industry to borrow, threaten Britain’s
    that allows business to flourish.          However, the budgetary pressures
                                                                                        credit rating, and result in higher long term taxation, reducing overall competitiveness.
                                               on government pose a major
    In the years preceding the                 potential threat to economic policy.     Whichever party wins the election, the UK government must set out a credible programme to bring down

    recession, the UK had built a                                                       the deficit, and government in Scotland must approach the budgetary question with a similarly constructive

    strong economy based on open               SCC identifies five ‘big picture’        strategy of living within its means.

    markets, secure property rights,           policy areas that require
    flexible labour markets and a
    taxation system less onerous
                                               government focus, both at
                                               Westminster and Holyrood,              Tax
    than some. These remain the key            if we are to re-build a climate
                                                                                        SCC understands that if the government is to achieve fiscal balance, it needs to increase tax receipts.
    ingredients of long term prosperity.       for economic growth.
                                                                                        The goal must be to avoid tax increases that directly penalise wealth creation, or complicate the overall tax
    Despite the financial crisis and                                                    system. The planned increases in National Insurance Contributions will make it more expensive to take on
    subsequent economic contraction,                                                    new employees at a time of rising unemployment. We urge politicians of all parties to reverse this as soon
    Britain remains well placed to                                                      as possible.

                                                                                        Government must steer clear of taxes that place undue burdens on industries where we have a clear
                                                                                        advantage, such as duties on whisky production.

                                                                                        Government should recognise that fostering economic recovery and growth is the best way to restore tax
                                                                                        receipts. We should consider cutting corporate taxes and reducing the tax burden on oil production.

                                                                                        Meanwhile, the Scottish Government should not use its fiscal powers to increase taxes locally, such as non-
                                                                                        domestic rates or income tax. Any such moves would put Scotland at a greater competitive disadvantage.




                                                                                      Public Sector Reform

    The Big                                                                             Public sector pay and employment to be kept in line with trends in the wider economy, and productivity
                                                                                        must increase.

                                                                                        Better measurement of public sector performance against international comparators.




    Picture
                                                                                        New approaches to infrastructure investment, allowing private finance to fund transport and utility networks,
                                                                                        including Scottish Water.

                                                                                        Welfare reform to encourage employment and reduce benefit dependency.

                                                                                        Public Sector procurement must be used to increase the opportunities available for Scottish SMEs.
8   Scottish Chambers of Commerce Down to Business                                                                                  Scottish Chambers of Commerce Down to Business   9




    The financial system
         The root of the economic crisis was a failure of the global financial system to adequately assess
         systemic risks that had their origins in the US mortgage market. Both government and the financial
         sector were at fault, and it is vital to our economic recovery that the correct remedies
         are applied.

         Government has taken steps to encourage business and personal lending after the system nearly froze
         in the aftermath of the crisis. SCC applauds these efforts and urges government to ensure low interest
         rates are passed to borrowers while allowing banks to rebuild their capital base.

         At the same time, there is a fine line in monetary policy to ensure that prices are kept
         under control.

         The government must work with international partners to arrive at a system of regulation that guards
         against the mistakes of the past without placing undue costs on the financial sector. The new approach
         should encourage competition, particularly in the provision of business finance, and new entrants to
         the market.

         The financial sector is one of Scotland’s strengths and its dynamism and diversity is a major advantage
         to Scottish business. We must enhance its presence and rebuild its reputation.




    Public sector pensions
         Of particular concern to SCC is the growing divide between pension provision in the private and public
         sectors. This creates a major distortion in the labour market, and places a growing and unsustainable
         burden on public finances.

         Many public sector employees enjoy final salary pension arrangements. Any shortfall is made up
         by the taxpayer. This problem grows as life expectancy increases and investment returns diminish.
         The private sector has moved to defined contribution schemes where payments reflect changing
         market conditions and so are more affordable. SCC supports moves to encourage greater savings for
                                                                                                                      The financial sector is one
                                                                                                                      of financial sector is one of
                                                                                                                     TheScotland’s strengths and
         retirement, but believes that all employees should be treated equally and encouraged to take more
         responsibility for flexible pension arrangements.

         Such a move would have major benefits at both the Scottish and UK levels. The Scottish Government’s          its dynamism and diversity
                                                                                                                      Scotland’s strengths and its
         current spending on public sector pensions has doubled in the last seven years to £2.53bn, and overall
         faces a deficit of £65bn.
                                                                                                                      is a major advantage to
                                                                                                                     dynamism and diversity is a major
         Putting new public sector employees on a level playing field with their private sector counterparts would
         remove this burden over time and help solve budgetary problems confronting government at all levels.
                                                                                                                      Scottish business.
                                                                                                                     advantage to Scottish business.
         We call for a minimum retirement age for non-revised pensions of seventy.
10   Scottish Chambers of Commerce Down to Business                                                                                                                                 Scottish Chambers of Commerce Down to Business   11




     Effective Regulation                                                                                            Regulation: Key
                                                                                                                     Recommendations                       Skills
                                                                                                                       Government must look to
                                                                                                                       the way in which European
     We recognise the need for an efficient regulatory regime to ensure health and safety at work, fair trade, and                                         Human capital is one of Scotland’s major strengths and is key to
                                                                                                                       legislation is implemented.
     compliance with necessary fiscal propriety. SCC have been measuring the regulatory burden. Since 1998,            Uniform scrutiny of regulatory      recovery. Despite Scotland’s strong performance on delivering skills
     we calculate the cost to business of new legislation alone to be in excess of £4.8bn in Scotland.                 impacts across the EU could         and qualifications, we lag behind the world in productivity. Business
                                                                                                                       help measure the success of
                                                                                                                       policies aimed at cutting the       needs to be better represented when developing skills strategies
     Despite successive budget speeches promising a war on red tape and the 2006 Davidson Review of the                costs of regulation.                and skills development and productivity must be demand-led and
     Implementation of EU Regulation, barely a dent has been made in the morass that ties down businesses,                                                 more employer-focussed.
                                                                                                                       SCC are not opposed to
     – small businesses especially. This in itself is a major deterrent to would be entrepreneurs, and a massive                                           Future key industries should define demand for skills development.
                                                                                                                       regulation per se – it often
     hindrance to trading companies. Some regulatory issues include:                                                   serves an essential commercial      Predicted shortages are identified within engineering, oil and gas,
                                                                                                                       or social purpose. Instead we
                                                                                                                                                           technology, tourism, hospitality and construction. Investment into
                                                                                                                       want to see better regulation
                                                                                                                       – achieving its purpose with a      such skill sectors can help rebuild the economy and provide a
                                                                                                                       lighter touch.                      stronger platform for international growth.
           i. GOLD PLATING For example EU regulation stipulates member states
                                                                                                                       Devolution gives Scotland an        Productivity amongst Scottish workers is two percent behind the
           must do A & B. By the time it has passed through UK enactments we find
                                                                                                                       opportunity to take the lead in     UK national levels. Increased productivity can have a marked effect
           demands for A, B & C where C is not actually in the EU directive.                                           addressing this agenda, and         on the UK’s economy. A 1% increase in productivity generates
                                                                                                                       progress is being made through
           ii. DOUBLE BANKING Where EU legislation overlaps UK legislation                                             the independent Regulatory          around £1 billion additional GDP.
           resulting in two sets of regulations.                                                                       Review Group.                       Skills shortages prevent businesses from growing and stifle

           iii. REGULATORY CREEP EU regulation is translated into UK regulation.                                       Enforcement agencies need to        innovation. Scotland needs to attract high quality candidates

           They then follow “guidance regulation” materials which move beyond the                                      adopt an enabling role. More        to support industry apprenticeships in engineering, technology, oil &
                                                                                                                       governmental bodies could look      gas and construction to counter the effects of an ageing workforce.
           original intent of the EU regulation.                                                                       to follow the example being
                                                                                                                       developed here by the Scottish      Companies offering support to staff in obtaining post-graduate
           iv. SMARTER APPROACHES It has been noted that recent EU succession                                          Environment Protection Agency       qualifications should be encouraged. More resources should
           states have applied slimmer and sparer interpretation approaches in                                         (SEPA).
                                                                                                                                                           be committed to developing leadership, management and
           implementing EU regulation. This may be something to
                                                                                                                       The use of plain English in         entrepreneurial skills to prepare future business leaders.
           learn from.                                                                                                 legislation and regulation alike
                                                                                                                                                           ICT skills are vital to the economy, society and the environment.
                                                                                                                       would contribute to the easing of
                                                                                                                       the regulatory burden.              This calls for clear strategy and funding.

                                                                                                                       What may be achievable by
                                                                                                                       large businesses may be utterly
                                                                                                                       prohibitive to a sole trader.
                                                                                                                       Accordingly, regulation should be
                                                                                                                       appropriate to scale and capacity




     A Climate For
                                                                                                                       of the business
                                                                                                                       in question.

                                                                                                                       SCC supports the early
                                                                                                                       implementation of a Business




     Business
                                                                                                                       Regulatory Impact Assessment
                                                                                                                       (BRIA) in order to ensure
                                                                                                                       that government has a clear
                                                                                                                       understanding of the impact
                                                                                                                       legislation will have on business
                                                                                                                       prior to its implementation.
12   Scottish Chambers of Commerce Down to Business                                                                                                                                                   Scottish Chambers of Commerce Down to Business   13




     Schools                                                                          Skills: Key                        Energy
                                                                                      Recommendations
                                                                                       Scotland needs to attract
     Despite Scotland’s higher per             We need better integration              high quality candidates           Scotland has a wealth of energy        volatile global politics. It is essential     since reduced demand will have
     pupil spend, attainment levels            between Scottish Government             to support industry               resources, which have always been      we put in place plans to leverage our         both a direct effect on lowering
                                                                                       apprenticeships in
     have flat-lined since devolution,         and Skills Development Scotland                                           essential drivers of our economy.      indigenous energy resources, whilst           emissions and extend the lifespan
                                                                                       engineering, technology,
     whilst improving in England.              to promote science, technology,         oil & gas and construction        Our rich energy resources from         also considering the potential threat         of our finite energy resources.
     Scotland’s ranking in maths and           engineering and maths (STEM)            to counter the effects of an      forests and peatlands, coal,           of climate change.
                                                                                       ageing workforce.                                                                                                      Scotland needs a comprehensive,
     science has fallen near the bottom        subjects and careers.                                                     water, wind and oil and gas, have
                                                                                                                                                                Scotland needs a policy that                  fully costed, itemised and
     of OECD countries. This calls for                                                 Programmes need to be             contributed to our growth and
                                                                                                                                                                addresses both the demand for                 deliverable energy policy – getting
     different approaches.                                                             developed to enhance              success. A reliable and affordable
                                                                                       ‘softer’ core skills to aid                                              and the supply of energy. This                lucky is not an option. Realising
                                                                                                                         energy supply has been central to
                                                                                       effectiveness of newly                                                   should be supported by education              our energy potential will mean
                                                                                       graduated employees in the        industrial growth in the developed
     Further and                                                                       workforce.                        world, but we are entering an era
                                                                                                                                                                and incentives to provide business
                                                                                                                                                                and the public with information and
                                                                                                                                                                                                              that our business, academic and
                                                                                                                                                                                                              public sector communities will need
                                                                                                                         where traditional sources of energy
     Higher Education                                                                  The importance of ICT skills
                                                                                       to Scotland should not be
                                                                                       underestimated. Business
                                                                                                                         are becoming increasingly difficult
                                                                                                                                                                resources necessary to achieve
                                                                                                                                                                lasting changes in behaviour.
                                                                                                                                                                                                              to work together to generate the
                                                                                                                                                                                                              synergies required for success.
                                                                                                                         to harvest and subject to increasing
     Colleges and Universities play            Increased collaboration between         and government need to                                                   Stemming demand growth should be              As a nation we should build self-
                                                                                                                         global demand, rising prices and
     a pivotal role in providing skills.       business and university for funding     co-operate in developing a                                               the first priority of our energy policy,      reliance in energy sources.
                                                                                       rational and funded strategy.
     Tertiary education must driven by         placements though
     industry demand, appropriate for          tax-break incentives.                   A lack of progress in school
     business This requires a focus                                                    results calls for a revision
                                               Increased collaboration between         to the current approach to
     on developing core skills such as         colleges and universities. For          learning and points to a need
     working effectively with others,                                                  for a focus on outcomes.
                                               instance, sharing resources,
     customer care handling; planning          collaborating on funding grants,        SG and SDS must work
     and organising, problem solving           developing future pathways              together to promote science,
     and workplace ‘readiness’ into                                                    technology, engineering and
                                               between institutions.
     courses so recent graduates can                                                   maths (STEM) subjects and
                                               Improvement of inefficiencies           careers in order to cater for
     be effectively utilised by employers.                                             predicted skills shortages.
                                               throughout HEIs.
     Scotland’s Colleges should be
                                                                                       It is essential that university
                                               Leveraging existing skills more
     supported to provide for the                                                      and college education is
                                               effectively. For instance developing    driven by industry demand
     skills shortages expected over
                                               the commercialisation arms -            and appropriate for business
     the next 10 years.The Scottish
                                                                                       – contributing to economic
                                               across all disciplines - of HEIs as
     Government has not specified                                                      recovery and growth.
                                               legitimate revenue streams.
     how it will guarantee the long-
                                                                                       A debate on future education
     term competiveness of Scottish            Expanding the funding for
                                                                                       funding is imperative.
     HEI. A debate on future education         Knowledge Transfer Partnerships
     funding is imperative. Alternative        to encourage connections between        There needs to be better
                                                                                       promotion of skills services
     funding options could include:            universities and business research
                                                                                       available to business,
                                               and develop innovation and              particularly SMEs. Local
                                               entrepreneurial behaviour.              Chamber networks
                                                                                       should be leveraged to
                                                                                       effectively disseminate skills
                                                                                       information throughout the
                                                                                       business community.
14   Scottish Chambers of Commerce Down to Business                                                                                                                                                    Scottish Chambers of Commerce Down to Business   15




        Energy: Key Recommendations                                                                                         Planning
          We must minimise usage and conserve resources. Government strategies should favour any options that
          enhance these objectives, for example through grants or tax breaks.
                                                                                                                            The Planning etc. (Scotland)            negate pre-determined attitudes            The Scottish planning system
          National energy policy must maximise our indigenous resources to build self reliance in energy sources and
                                                                                                                            Act 2006 came into effect during        and to ensure the new planning             could assist in attracting business
          so reduce exposure to uncontrollable global factors.
                                                                                                                            2009, as the statutory instruments      system can produce the desired             if it operated effectively, had up
          Energy policy must welcome incremental increases in the renewable contribution. Equally our future                and secondary legislation came          results. Time will tell. Local             to date development plans and
          energy choices must be reliable, able to meet the base load demand at the lowest possible unit cost, offer
                                                                                                                            into place over the course of last      Authorities have a duty to renew           had clearly stated guidance on
          an equitable distribution system and be sustainable in the long term. We call for a detailed plan of future
          demand to show how and where new installations – and programmes of energy saving – can meet that                  year. Key changes to the Scottish       local plans every 5 years – any            developer contributions that
          demand. This must be carried out within the first two years of the new UK Parliament.                             planning system have included           failure to do so must result in            was transparent.
                                                                                                                            the introduction of a three tier        meaningful intervention by the
          Transition to lower carbon technologies requires that we are realistic about present need. Meeting Carbon                                                                                            With tightening public sector
          Emissions targets should not be to the detriment of the continuing exploration and development of our             system of development plans             Scottish Government. The English
                                                                                                                                                                                                               budgets, it will be necessary to
          indigenous supplies of hydrocarbon reserves in the UK Continental Shelf.                                          and planning applications, front        planning system has been subject
                                                                                                                                                                                                               explore new and innovative ways
                                                                                                                            loading of the application process      to persistent change and alteration,
          Coal is a vital resource forming a significant proportion of base load on the Grid. We look to government to                                                                                         of leveraging investment into
          accelerate the development of cleaner technologies including carbon capture.                                      and new time limits for the             with further reviews promised
                                                                                                                                                                                                               local development projects. Two
                                                                                                                            determination of applications.          after the general election. The
          Transfer of the world class subsea engineering skills that presently exist in the oil and gas industry should                                                                                        examples of alternative funding
                                                                                                                            One of the biggest challenges           implementation of a new and stable
          be encouraged into the marine renewable disciplines.                                                                                                                                                 sources include:
                                                                                                                            going forward is ‘cultural change’      planning regime in Scotland may
          Despite the problems of waste disposal, nuclear power will continue to play a role in future                      to build up trust between the           be seen as advantageous to some
          energy policy.
                                                                                                                            private and public sectors, to          investors and occupiers.
          The great potential for Scotland to export surplus electricity is dependent on a National Grid fit for purpose.
          We welcome the abandonment of higher charges for Scottish providers and call for incentives for small
          scale producers to also contribute back to the Grid. Government must ensure the objectives in the                 LABV – Local A sset Backed Vehicle
          National Planning Framework for the grid are met and exceeded. The realistic possibility of new off shore
          connections for the grid must be examined in detail.                                                                 A LABV is a long term                   The value of the public sector
                                                                                                                               partnership or joint venture            assets is used by the LABV
          Government support is required if indigenous renewable energy technologies are to be developed and
          commercialised, opening up new export opportunities. Despite our abundant wind resources, we have lost               between a local authority (or one       to raise funds to enable
          out to competitor nations in terms of manufacturing. We cannot afford to lose this opportunity regarding             or more public sector bodies)           development and regeneration.
          offshore and marine energy.                                                                                          and a private sector partner.           Generally, the private sector
                                                                                                                               The LABV brings together local          partner is asked to equity
                                                                                                                               authority land and/ or buildings        match the value of the public
                                                                                                                               with private sector funds and           sector assets placed into the
                                                                                                                               skills sets (e.g. development           partnership.
                                                                                                                               and project management)                 The recessionary environment
                                                                                                                               into a commercial partnership           of the last 18 months has made
                                                                                                                               through a joint venture vehicle or      this quite challenging given the
                                                                                                                               corporate entity.                       limited availability of
                                                                                                                                                                       bank lending.
16   Scottish Chambers of Commerce Down to Business                                                                                      Scottish Chambers of Commerce Down to Business   17




     TIF – Tax Increment Funding
         TIF has been used extensively                invest in the municipal debt that   revenues can be over a 20-25
         in the US to assist with                     is TIF funded are incentivised      year period, but may also be
         funding regeneration projects                to do so by a tax exemption on      over a much shorter timeframe.
         and is now finding its way                   the interest that they receive.
         into the UK. TIF has proved
                                                      TIF works on the principle
         popular because it can attract
                                                      that the provision of new /
         investment to sites that may
                                                      improved infrastructure will
         otherwise struggle to do so.
                                                      lead to both new development
         It is a mechanism for using
                                                      and an increase in the value
         borrowing against the forecast
                                                      of surrounding property,
         increases in tax revenues to
                                                      both of which will generate
         finance the improvements. In
                                                      additional property taxation
         simple terms “it enables a local
                                                      revenues. The debt finance
         authority to trade anticipated
                                                      issued to pay for the project by
         future tax income for a present
                                                      utilising increased property tax
         benefit”. Typically, those that




        Planning: Key Recommendations
         Scotland needs a coherent planning system that balances the enhancement of our landscape with the
         encouragement of investment.


         Local authorities must engage with clarity when dealing with both developers and other interested parties,
         providing full information and a precise timetable of events.


         Local Government must pursue alternative funding models such as LABV and TIF in order to leverage                 Scotland needs a coherent
         investment against a background of public spending cuts.
                                                                                                                           planning system that
         Planning reforms in Scotland will only achieve the desired results if accompanied by a change in culture
         across the public sector. This was much heralded at the time the current legislation was being considered,
                                                                                                                           balances the enhancement
         but must be incentivised if it is to become a reality.
                                                                                                                           of our landscape with the
                                                                                                                           encouragement of investment.
18   Scottish Chambers of Commerce Down to Business                                                                                                                           Scottish Chambers of Commerce Down to Business   19


                                                                                                                Transport: Key Recommendations

     Transport                                                                                                   Road
                                                                                                                 •
                                                                                                                 •
                                                                                                                     The construction of a new Forth Road Bridge.
                                                                                                                     The upgrading of the M8, Scotland’s busiest motorway, to reverse years of underfunding,
                                                                                                                     including improved links to Edinburgh and Glasgow Airports
                                                                                                                 •   The upgrading of the A9, A96 and A82 which, between them, serve Scotland’s fastest growing city,
     A modern, efficient transport system is vital for Scotland’s future economic success. Government                Inverness, and the Highlands & Islands, home to some of Scotland’s most promising
     must work with the private sector to develop a national and international infrastructure which meets            new industries.
                                                                                                                 •   The construction of the Aberdeen Western Peripheral Route
     business needs now and into the future. Whether by road, rail, air or sea – within our borders and
                                                                                                                 •   The increase in the HGV speed limit on single carriageway roads from 40mph to 50mph, easing
     overseas – Scottish businesses across all sectors will reach their full potential only if supported by a        congestion and improving fuel efficiency.
     reliable 21st century transport network fit for purpose.                                                    •   The allocation of dedicated high priority vehicle lanes which would reduce congestion and
                                                                                                                     encourage greater use of public transport options.
     Long term, strategic planning – often lacking in the past – is the only route to success.
     Governments need to look ahead to the next 20 or 30 years.                                                  Rail
                                                                                                                 •   The completion of current major rail improvement projects, as set out in the Strategic Transport
     All levels of government – Westminster, Holyrood and local authorities - must work closely with
                                                                                                                     Projects Review.
     organisations such as Transport Scotland, the Regional Transport Partnerships, Network Rail and             •   We demand that Scotland be included as an integral part of current plans to expand the UK
     airport operators if they are to stand any chance of meeting the transport needs of businesses and              High Speed Rail network
                                                                                                                 •   Investment must continue in the existing network meantime, complementing eventual HSR.
     communities across Scotland.
                                                                                                                     This would also reduce journey times between Scotland and cities in the North and Midlands of
     Public transport infrastructure projects provide a shot in the arm for the economy and play a crucial           England years before new high-speed tracks can be built.
                                                                                                                 •   Franchising arrangements for long-distance passenger trains should be structured to facilitate and
     role in revitalising business prospects. However, we appreciate that funding is going to be tight               encourage investment by the private sector to reduce financial demands on the public purse.
     in the period ahead. That is why a range of alternative funding sources must be fully considered,           •   Crossrail projects for both Glasgow and Aberdeen should be a high priority.
     including leveraging private investment and the use of innovative funding solutions such as Network
     Rail’s powers to borrow against its assets to help fund the Edinburgh-Glasgow Improvements                  Air
                                                                                                                 •   We support the consideration of a new Air Route Development Fund, as has already been
     Programme. The Scottish Government should also be able to borrow for capital investment.
                                                                                                                     established under EU rules in Cyprus.
                                                                                                                 •   Air Passenger Duty increases damage our competitiveness relative to other European countries
                                                                                                                     which have reduced or abolished such taxes to help their aviation industries through the recession
                                                                                                                     and recovery period. We call on the UK Government to do likewise in the interests of business
                                                                                                                     and communities throughout Scotland. The Stern report demonstrates that the aviation industry
                                                                                                                     accounts for only 2% of carbon emissions. Taxation of the industry must be proportionate.
                                                                                                                 •   Heathrow Airport is the UK’s main hub airport as well as being a key gateway for travel to and
                                                                                                                     from Scotland. The construction of a third runway is essential if it is to continue performing these
                                                                                                                     functions in future.
                                                                                                                 •   Aberdeen Airport runway extension remains a priority.
                                                                                                                 •   We must improve our airports’ links with road and rail networks.
                                                                                                                 •   The air discount programme for Scotland’s remote island communities must remain a
                                                                                                                     budgetary priority.


                                                                                                                 Sea
                                                                                                                 •   Sea travel, both passenger and freight, plays a vital part in the Scottish and UK economies. In




     Connected
                                                                                                                     2006, Scottish ports handled 102 million tonnes of freight, some 17% of the UK total, and 10.5
                                                                                                                     million passenger movements. It is vital, therefore, that we improve links between our ports and
                                                                                                                     the wider transport infrastructure,
                                                                                                                 •   In addition to the existing freight facilities grants, Government should create a new freight route
                                                                                                                     development fund to complement a new air route development fund.




     Scotland
                                                                                                                 •   The future use and development of ports must be facilitated through the planning system,
                                                                                                                     recognising the role of ports in supporting the economy in general and the oil, gas and marine
                                                                                                                     renewable energy industries in particular.
20   Scottish Chambers of Commerce Down to Business                                                                                                                                                      Scottish Chambers of Commerce Down to Business   21




     Broadband                                                                                                               International Trade
     Doing business in Scotland in the         technologies. At present we          to be considerably more ambitious        Scottish exports account for             needs to make funding available            a unified vision of Scottish
     21st century increasingly requires        have concerns regarding the          against an ever rising threshold         approximately £35 billion                to all sizes of Scottish business to       and UK international trade.
     access to fast and reliable digital       coverage of each of these            of quality. Competitor nations           p.a. substantially contributing          facilitate international growth.           Government budget allocations
     communications technology. For            services in Scotland. Vast areas     such as Norway, Sweden and the           to the country’s economic                                                           to such agencies should reflect
                                                                                                                                                                      The costs of initial market-
     many businesses, and indeed               of Scotland, including many          Netherlands already have a head          health. Combining this with the                                                     the urgency for developing
                                                                                                                                                                      entry should also be off-set
     the Scottish public, online access        densely populated areas, are         start on us in terms of the quality of   understanding that many other                                                       international activities given the
                                                                                                                                                                      and encourage international
     has become an essential service           lacking any 3G coverage and          their broadband.                         parts of the global economy are                                                     current climate. SCC recommends
                                                                                                                                                                      engagement. SCC argues that
     alongside electricity, gas or             many businesses are still unable                                              not in recession, it is clear recovery                                              a new model of promoting
                                                                                    We must look to secure the best                                                   UK and Scottish Governments
     the telephone.                            to access broadband services                                                  should be export led. To facilitate                                                 Scotland’s message globally,
                                                                                    possible competitive advantage                                                    should provide tax incentives –
                                               nearly a decade after the Scottish                                            this, government needs to invest in                                                 encompassing our brand, our
     The web presents a tremendous                                                  for Scottish businesses. Our digital                                              particularly for market research –
                                               Executive began its roll-out                                                  communication and infrastructure                                                    investment opportunities and our
     opportunity for businesses across                                              communications infrastructure will                                                and that the corporation tax levied
                                               across Scotland.                                                              to grow and support international                                                   skills. The current fragmented
     all sectors, however, there are                                                be as important as our transport                                                  on SMEs exporting over 40% of
                                                                                                                             activities, improving our balance of                                                approach needs to change
     a number of challenges which              A recent study by Cisco has          links and fiscal regime when it                                                   their turnover should be lowered
                                                                                                                             trade and overall GDP.                                                              towards a more business-led
     must be met if business is to take        placed the UK in 25th place out      comes to attracting new businesses                                                from the current rate of 21%.
                                                                                                                                                                                                                 approach, utilising the Chambers
     full advantage of technological           of 66 nations in terms of the        to Scotland, and providing local         Scotland needs to heavily invest
                                                                                                                                                                      Policy on exporting support                of Commerce brand which is
     advances and reap the economic            quality and reach of its broadband   businesses with an advantage over        in improving our economic
                                                                                                                                                                      needs to be better integrated              recognised and respected across
     benefits.                                 services. We require additional      their international rivals. There are    competitiveness. At present, we
                                                                                                                                                                      between the various trade support          the globe.
                                               investment in order to meet the      many challenges in achieving this        are operating well below our
     It is essential that all Scottish                                                                                                                                organisations and the Scottish
                                               needs of the future. The average     but competitor nations are finding       potential. This means investing in
     businesses have access to high                                                                                                                                   government. There needs to be
                                               broadband connection speed in        these solutions, even in the face of     skills, transport and ICT links to
     speed data transfer services,                                                                                                                                    better programmes that provide
                                               the UK is currently 4.1Mbps, but     difficult topography. We must rise       develop Scotland’s international
     both through broadband                                                                                                                                           financial and business skills
                                               a speed of at least 11.25Mbps        to this challenge and put Scottish       agenda. For instance funding for
     telecommunication services                                                                                                                                       support. Additionally, the Export
                                               will be required to handle our       business ahead of the game.              the development of additional
     and high speed mobile                                                                                                                                            Credit guarantee system requires
                                               anticipated future needs, in less                                             air routes; road, rail and port
     telecommunication systems                                                                                                                                        a review as it is seen to stifle risk-
                                               than 5 years. We therefore need                                               infrastructures to facilitate
     such as 3G and its successor                                                                                                                                     taking in new start-ups.
                                                                                                                             efficient distribution are absolutely
                                                                                                                             essential. Providing incentives for      There is also the perception that

                                                                                                                             skilled migration is also imperative     SDI, UKTI, Westminster and

                                                                                                                             along with instilling an international   Holyrood present a confusing
                                                                                                                                                                      and contradictory image to
     Broadband: Key Recommendations                                                                                          mindset into business graduates.
                                                                                                                                                                      new exporters. We need a
         The Government must set a target of a minimum download speed of 11.25Mbps for UK broadband by 2014,                 At present there is difficulty in
                                                                                                                                                                      clearly defined, integrated and
         with a plan in place to reach at least 100Mbps by 2020.                                                             accessing trade credit to pay for
                                                                                                                                                                      constructive support network
         We support the 50p land line levy proposed to fund the expansion of the UK’s broadband infrastructure, but this     or receive goods. It is also difficult
                                                                                                                                                                      between government and
         may have to be revisited in order to ensure that Britain is internationally competitive.                            to access credit insurance due
                                                                                                                                                                      Chambers of Commerce, with
                                                                                                                             to fiscal pressures. Government
         The roll-out of fibre optic cabling in the UK should accelerate.
22   Scottish Chambers of Commerce Down to Business                                                                                                                                                 Scottish Chambers of Commerce Down to Business       23




     Business support
     Government needs to improve access to international support programmes to the wider business community,
                                                                                                                          Oil And Gas                                                                             Oil and Gas:
                                                                                                                                                                                                                  Key Recommendations
     including new, small scale exporters. Initiatives such as Intelligent Exporter should be considered an example of
                                                                                                                                                                                                                     Businesses operating in the
     best practice and replicated to effectively reach the parts of Scottish business that other programmes have not.                                                                                                North Sea oil and gas industry
                                                                                                                          The oil and gas industry is Scotland’s largest export sector. The industry
     Chamber of Commerce networks and Business Gateway initiatives can also be leveraged to provide increased                                                                                                        are among the most highly
                                                                                                                          contributes £40 billion to the UK balance of payments, provides over
     international business support.                                                                                                                                                                                 taxed in the country. With
                                                                                                                          450,000 jobs and accounts for over 30% of the investment made by                           the industry now in a mature
                                                                                                                          the UK’s production and manufacturing industries. However, activity in                     phase, the tax burden must
     Whilst SDI provides an array of services that deal with combating the main barriers to entry, Public Private                                                                                                    be reduced.
                                                                                                                          the UK Continental Shelf (UKCS) has slowed and business confidence
     Partnerships can also contribute to providing business support. SCC believes Chambers of Commerce play a key
                                                                                                                          is fragile. If investment into the UK North Sea is not sustained, up to                    Government should
     role in the introduction to potential customers, international marketing advice, and access to market research.                                                                                                 encourage the development
                                                                                                                          15 billion barrels of reserves could be left in the ground, negatively
                                                                                                                                                                                                                     of new smaller fields and
                                                                                                                          impacting both the UK balance of payments and energy supply. It is
                                                                                                                                                                                                                     continued production of
                                                                                                                          critical that government encourages investment in Scotland’s oil and gas                   mature depleted fields. SCC
     Exploiting new market opportunities                                                                                  industry to retain its position as European oil capital.                                   believes investment to drill
                                                                                                                                                                                                                     such fields needs to be
     Historically, Scotland has had strong international trade links with the USA and Europe, accounting for 41
                                                                                                                                                                                                                     encouraged through relevant
     percent of trade. However, efforts should be made to encourage businesses to diversify trade links to limit over-    Businesses operating in the North Sea oil and gas sector are among the                     tax incentives.
     dependence on mature markets. Specific business support and advice should be provided to pursue emerging             most highly taxed in the country, and the current regime does not reflect
                                                                                                                                                                                                                     Decommissioning of
     markets such as Brazil, Russia, India and China (the BRIC nations).                                                  that the industry is now in decline. SCC argues that such shifts be
                                                                                                                                                                                                                     infrastructure is also an
     The business services sector currently accounts for approximately £2.3 billion and is amongst Scotland’s top five    reflected by tax reform. Government should encourage the development                       area for major economic
     exports. Therefore, a push for increased exporting of services would be valuable in diversifying the                 of new smaller fields and continued production of mature depleted fields.                  opportunity. SCC argues
                                                                                                                                                                                                                     that the UK and Scottish
     Scottish economy.                                                                                                    A fifth of the UK’s remaining gas resources lies in the West of Shetland
                                                                                                                                                                                                                     Governments should be open
                                                                                                                          Province and requires a £2 billion investment to bring it ashore. This                     to a range of environmentally
     Additionally, our leadership in oil and gas supply chains should be leveraged for attracting inward foreign direct   will ensure that the UK’s primary energy needs will be met for future                      sustainable options put
                                                                                                                                                                                                                     forward by Scottish industry.
     investment (FDI). Decommissioning projects in the North Sea are also areas for further international investment,     decades.
     building an exportable skill base, as has happened with UKAEA in nuclear decommissioning.                                                                                                                       UK and Scottish Governments
                                                                                                                          Decommissioning of infrastructure is an area for major economic                            need to recognise the
                                                                                                                                                                                                                     importance of anchoring the oil
                                                                                                                          opportunity. The Royal Bank of Scotland puts the figure to deal with
                                                                                                                                                                                                                     and gas industry supply chain
     International Trade: Key Recommendations                                                                             around 450 offshore structures by 2030, at between £15bn and £20bn.                        to Scotland given that oil and
                                                                                                                          SCC argues that the UK and Scottish Governments should be open to                          gas resources are depleting
         There is difficulty in accessing trade credit and credit insurance to pay for or receive goods. Government                                                                                                  and the tendency will be for
         needs to make funding available to all sizes of Scottish business to facilitate international growth.            a range of environmentally sustainable options put forward by Scottish
                                                                                                                                                                                                                     businesses – local and foreign
                                                                                                                          industry. This would allow Scotland a competitive advantage over                           – to migrate to other regions.
         UK and Scottish Governments should provide tax incentives – particularly for market research – and the                                                                                                      This should be encouraged by
                                                                                                                          competing decommissioning initiatives.
         corporation tax levied on SMEs exporting over 40% of their turnover should be lowered from the current                                                                                                      fiscal policy.
         rate of 21%. Policy on exporting support needs to be better integrated between the various trade support
         organisations and the Scottish government. There need to be better programmes that provide financial and                                                                                                    Investment in developing
         business skills support.                                                                                                                                                                                    technical staff and graduate




                                                                                                                          Playing to
         Specific business support and advice should be provided to pursue emerging markets such as Brazil, Russia,                                                                                                  engineers is considered
         India and China.                                                                                                                                                                                            critical for the future prospects
                                                                                                                                                                                                                     of the oil and gas industry
         A push for increased exporting of services would be valuable to the Scottish economy and diversify away from                                                                                                in Scotland. SCC suggest




                                                                                                                          Scotland’s
         manufactured based products.                                                                                                                                                                                suitable partnerships be
                                                                                                                                                                                                                     developed between public and
                                                                                                                                                                                                                     private enterprise to ensure
                                                                                                                                                                                                                     appropriate supply of skills for




                                                                                                                          Strengths
                                                                                                                                                                                                                     the industry for now and
                                                                                                                                                                                                                     the future.
24   Scottish Chambers of Commerce Down to Business                                                                                                                                        Scottish Chambers of Commerce Down to Business   25




     Scotch Whisky Industry                                               Whisky:                                Tourism                                                                         Tourism:
                                                                          Key Recommendations                                                                                                    Key Recommendations
                                                                          The UK and Scottish                                                                                                      We recommend that a full
     The Scotch Whisky industry is Scotland’s second largest              Governments should not unfairly        In Scotland, tourism was the outstanding successful sector of 2009,               review of regulations and their
     exporter accounting for over £3 billion in exports annually. This    tax its most important alcoholic       bucking the trend in the height of recession. However, many new                   impact on the Scottish tourism
                                                                          beverage sector and move                                                                                                 industry is carried out by the
     represents 22% of Scotland’s total exports and 25 percent of                                                regulations have been implemented in recent years which have had
                                                                          towards taxing all alcohol content                                                                                       Scottish Parliament’s Economy,
     all UK food and drink exports. As such, the industry is of crucial   at the same level.                     a significant impact on the tourism and hospitality sector.                       Energy and Tourism Committee,
     importance to the UK and Scottish economies, to its supply                                                                                                                                    supported by the Westminster
                                                                          We need to see the approval of         Since the amalgamation of the Area Tourist Boards with                            Scottish Affairs Committee.
     chains and to local producer communities across Scotland. It         ‘Scotch Whisky’ as a recognised        VisitScotland in 2004, there have been worries over the loss of a
     also contributes massively to Scotland’s tourism offering. It is     Geographical Indication (GI) and       local tourism focus. This concern has been shared both by rural                   SCC would urge VisitScotland to
     therefore essential government creates a business environment        introduce a definition of ‘Scotch                                                                                        take on board the views of the
                                                                          Whisky’ in order to protect the        areas and cities and the spread of destination companies across                   industry when looking at new
     in which the industry can thrive.                                    integrity of the product.              Scotland could be seen as a reflection of the need to maintain                    developments for visitscotland.
     The industry continues to suffer from barriers to trade in its                                              a local focus. At present, the funding for these new destination                  com. In the current web-enabled
                                                                          Fair market access needs to be                                                                                           world, the consumer, not just the
     international markets, especially from India, the world’s largest    gained from India, the world’s         companies is coming from the local authorities, European Funding,                 tourism industry, would expect
     spirits market. Elimination of India’s 150% import tariff on         largest spirits market. At present,    the VisitScotland Growth Fund and some funding from the private                   a national tourism website to
     Scotch Whisky would result in a five-fold increase in exports,       the market imposes discriminatory      sector. There is a question how sustainable these are in the long                 also have the capacity to take
                                                                          duties and levies at the State level                                                                                     direct bookings as well as selling
     valued at over £150m. Meeting such demand would also mean            that obstruct Scotch Whisky’s          run. In addition it means less resources for VisitScotland as the                 the country. The roles of Visit
     encouraging foreign investment into Scotland. This should be         penetration of the market.             local authorities tend then to cut back their funding to VisitScotland.           Scotland and Scottish Enterprise
     pursued through the EU with the strong support of the UK and                                                Visitscotland.com has now been integrated within Visit Scotland at                in tourism policy should be
                                                                          The WHO’s alcohol strategy                                                                                               examined and responsibility for
     Scottish governments.                                                should not interfere with              considerable cost to the public purse.                                            tourism should remain entirely
                                                                          international trade obligations                                                                                          with Visit Scotland in order to
     The importance of discussing the World Health Organisation’s                                                The Tourism Industry in Scotland has always struggled with staffing
                                                                          and treaties, nor ban duty-free                                                                                          avoid confusion.
     (WHO) alcohol strategy at the WHO Executive Board is                 purchases which is a legitimate        issues and in the past few years, with changes to European
     necessary. The WHO’s alcohol strategy should not interfere with      cross-border trade.                    legislation, the solution in many places has been to employ staff                 SCC believes that closer working
                                                                                                                                                                                                   between academia and the
     international trade obligations and treaties, nor ban duty-free                                             from Eastern Europe, Australia and New Zealand. These staff
                                                                                                                                                                                                   tourism industry could result in
     purchases which is a legitimate cross-border trade. It is argued                                            work extremely hard and are an invaluable resource. However,                      a career profession that is given
     that such a ban on duty-free distribution would not reduce alcohol                                          the tourism industry in Scotland still needs to recruit Scots into the            a higher profile – as seen in
     misuse and be against the UK’s national interest.                                                           industry with a pride and passion to work promoting their country.                countries like Italy and Spain.
26   Scottish Chambers of Commerce Down to Business                                                                                                                                                   Scottish Chambers of Commerce Down to Business   27




     Financial Services                                                            Financial Services:                   World Leading Opportunities                                                          Key Recommendations
                                                                                   Key Recommendations                                                                                                             The funding of lifelong
                                                                                     We call upon government to                                                                                                    education and training
     Financial Services are vital to Scotland’s economy, despite the sector’s                                            Scotland is a world leader in many areas of business and we are forging                   opportunities which can
                                                                                     strike an appropriate balance
     central role in the recent recession. Not just as our fastest growing and       in the governance of the            ahead strongly across new and exciting arenas. As a nation we need to                     ensure the smooth transition
     most vibrant industry in the years leading into the recession, but as a         banking sector, ensuring that                                                                                                 of displaced employees into
                                                                                                                         push our ambitions further and faster if we are to maintain and build on our
                                                                                     the urging of caution over                                                                                                    new skill sets.
     continuing force to be reckoned with, employing 90,000 people. There                                                advantages.
                                                                                     lending policies does not
     is also a vital need for its services to facilitate business investment and     strangle the need for finance                                                                                                 The encouragement of
                                                                                                                         One myth we have sought to dispel is that manufacturing is dead. Older                    schools and their students
     enjoy domestic financial security.                                              for growing companies upon
                                                                                     whom the recovery will be           industries have given way to new expertise. Be it pumps that power the                    to select training and
     A leader in global terms as a financial centre, Scotland is particularly        dependent. We accept that                                                                                                     careers which are targeted
                                                                                                                         oil and water supplies of the world or the generators that lit the Beijing
                                                                                     the banks themselves need to                                                                                                  at key opportunities for
     recognised for its strengths in life assurance and pensions investment                                              Olympics, there are always new opportunities.
                                                                                     manage their portfolios with                                                                                                  economic growth.
     management and asset servicing.                                                 probity, but the elimination of
                                                                                                                         It’s the job of business to research and develop new products and                         Tax breaks for
                                                                                     risk is not possible if we are to
     The extent to which Royal Bank of Scotland and Lloyds Banking Group                                                 services. It’s the job of government to use regulation and catalytic inputs to            innovation investment.
                                                                                     have a functional economy –
     have been driven into public ownership remains a major cause for                for risk lies at the heart          ensure the environment is fertile to grow these new ideas successfully.
                                                                                     of enterprise.                                                                                                                Smoothing the planning
     concern. Both because we wish to see a return to commercial success
                                                                                                                         Life Sciences present one of the greatest opportunities. From Scotland’s                  process to enable centres of
     for the companies themselves, but also because the Banks’ ability                                                                                                                                             excellence to develop rapidly.
                                                                                     The regulation of banks must        world lead in cloning we can see great potential for stem cell research
     to recover ownership of their assets into the private sector is vital to        pay due attention to the
                                                                                     needs of smaller companies,         to provide totally new solutions for previously incurable conditions. Bio                 Innovative means of funding
     reducing the National Debt and the burden on the public purse.
                                                                                     and we commend and call             engineering with artificial limb replacements, new surgical appliances and                infrastructure investment.
     It is clear that the recovery of the markets is crucial to the buoyancy         for the extension of schemes        the expanding field of optics are all fruitful seedbeds.
                                                                                     such as Prompt Payments                                                                                                       Genuine reduction of red
     of all funds. Therefore government policies must balance the need for                                                                                                                                         tape and an end to over-
                                                                                     to speed up transmission of         The Games Industry stands out in the world of software development. But
     reduction of public debt with the gradual encouragement of recovery             funds between banks, and                                                                                                      regulation.
                                                                                     for due powers for smaller          we are also world leaders in technologies as diverse as animation (for
     avoiding precipitate clampdowns which would stifle the economy at the
                                                                                     businesses to protect               work and play) and advanced avionics, including radar systems.                            The continued integration
     very time it needs a shot in the arm.                                                                                                                                                                         and prioritisation of
                                                                                     themselves from
                                                                                     late payment.                       Renewable Energy is hugely significant. The challenge of recognising that                 export support.
     It is necessary to provide an attractive environment for inward
                                                                                                                         our energy resources are limited creates great opportunities for Scotland.
     investment. It is clear that the Westminster government must find a             We call upon government to                                                                                                    We must continue to support
                                                                                                                         With the greatest share of available renewable sources of any European                    our games development
     future working arrangement with the Scottish Government where there             find new ways of supporting
                                                                                     infrastructure development          country –10% of the continent’s available wave power and 25% of offshore                  industry, work to grow the
     is clear understanding and agreement about capital budgets which                                                                                                                                              sector in Scotland and attract
                                                                                     and to maximise the                 wind and tidal resource – and with our engineering skills base, we have
     fairly reflect Scotland’s contribution to the UK tax take, and also seek to     involvement of the private                                                                                                    new businesses to anchor
                                                                                                                         an unrivalled opportunity to establish ourselves as world leader in the                   skills and talent in cluster
     redress the imbalance in economic success between the South East of             sector as partners in
                                                                                     the process. With nearly            renewable energy field. We are also on the brink of pioneering carbon                     areas such as Dundee.
     England and the wider regions of the UK through
                                                                                     £700bn of funds under               capture technology.
     appropriate investment.                                                         asset management and an
                                                                                     even greater sum within
     With the arrival of companies like Esure in Glasgow and Tesco                   the pensions and insurance
     Personal Finance in Edinburgh it is clear recovery is underway.                 sector in Scotland there is no
     Supporting this sector has been a massive investment for the whole              shortage of cash available for
                                                                                     major investments.
     nation. We look to government to create the climate of confidence that
     is needed for the private sector to drive the recovery forward.
Speaking with
One Voice




Key Partners                                                   In Association with




               Scottish Chambers of Commerce 30 George Square Glasgow, G2 1EQ
               email: admin@scottishchambers.org.uk tel: 0141 204 8316
               www.scottishchambers.org.uk

								
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